Head of the International Monetary Fund (IMF), Kristalina Georgieva, has said the world’s economy is in for a tougher year as it projects one-third of the globe sliding into recession.
The year 2022 had seen various countries suffering the ripple effects of the ongoing Russia- Ukraine conflict, the resurgence of the COVID-19 virus in China as well as stifling inflation indices not just on the African continent but amongst some of the biggest economies.
Georgieva, while explaining the IMF’s October global economic growth outlook for 2023 insisted that the best of economies might likely not be spared from the far-reaching effects of the recession.
“We expect one-third of the world economy to be in recession, she said on the CBS news programme Face the Nation.
“Even countries that are not in recession, it would feel like a recession for hundreds of millions of people.”
